GTT, the technological expert in membrane containment systems used to transport and store liquefied gases, today announces its results for the first half of 2024. Commenting on the results, Jean-Baptiste Choimet, Chief Executive Officer of GTT, said: “With 58 orders recorded in the first half of 2024, commercial performance in our core business continues to be very strong. LNG demand remains high, as illustrated by the two final investment decisions announced in June 2024 for new liquefaction projects (Cedar FLNG and Al Ruwais), leading to additional LNG carrier needs. GTT ...

The shipbuilding sector is experiencing a significant upturn, driven by improved industry conditions and the “Trump trade” phenomenon—where investors anticipate former President Trump’s election and allocate funds into beneficiary stocks. This has led to a substantial rise in the stock prices of South Korea’s major shipbuilding companies, including HD Korea Shipbuilding & Offshore Engineering (HD KSOE), Hanwha Ocean, and Samsung Heavy Industries (SHI), which have increased by 24-62% this year. Foreign investors have maintained their buying spree, and experts predict that these stocks will likely lead the market in the ...

In recent years, Chinese shipbuilders have significantly increased their investments to handle a surge in orders, while South Korean shipbuilders, cautious from past experiences of overexpansion and subsequent downturns, are taking a more selective and strategic approach. According to the shipbuilding industry on July. 23., China’s largest private shipbuilder, Yangzijiang Shipbuilding, has announced plans to construct a new shipyard spanning approximately 860,000 square meters along the Yangtze River. This facility, set to be completed within two years, will require an investment of 3 billion yuan (approximately 573 billion won, $411 ...

ADNOC Logistics and Services (ADNOC L&S) said AW Shipping, its joint venture with Wanhua Chemical Group, has awarded shipbuilding contracts worth 7 billion dirhams ($1.9 billion) to Jiangnan Shipyard in China. The contracts include the construction of nine Very Large Ethane Carriers (VLECs) priced at $1.4 billion and two Very Large Ammonia Carriers (VLACs) priced at $250 million, with the option for another two VLACs at the same price, the company said in a filing on the Abu Dhabi Securities Exchange (ADX) on Tuesday. The VLECs, expected to be delivered ...

South Korea’s HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) has joined hands with the University of Michigan-Ann Arbor (UM) and Seoul National University to nurture future vessel engineers in the US. HD Hyundai Co.’s intermediate shipbuilding holding firm announced on Tuesday that it signed a memorandum of understanding (MoU) to train and foster shipbuilding talent in the US on Monday. Under the term, HD KSOE and Seoul National University, Korea’s top university, will run joint research and education programs, as well as an internship program in the shipbuilding ...

As of the first half of this year, the shipbuilding industry has seen a significant shift in the types of container ships being ordered, with a marked preference for LNG dual-fuel container ships over methanol dual-fuel container ships. According to Clarkson Research, a shipbuilding and marine market analysis firm on July 21, 40 LNG dual-fuel container ships were ordered, double the 20 methanol dual-fuel container ships ordered in the same period. This is a reversal from last year when 35 LNG container ships were ordered compared to 65 methanol container ...

Argent LNG’s phased development in Port Fourchon will include GTT, a cryogenic membrane containment system used in the transport and storage of LNG. GTT will provide its cutting-edge membrane technology for LNG storage tanks, ensuring optimal performance, safety, and reliability due to its simplified modular technology, which relies on prefabricated containment elements to achieve optimum thermal cycle performance and facilitate construction, operation and maintenance. GTT’s innovative containment systems are renowned for their robustness and efficiency. These systems will be integrated into Argent LNG’s storage infrastructure to enhance storage capacity and ...

HD Hyundai will be cooperating with universities in the U.S. and Korea to nurture talents and develop the shipbuilding industry. HD Korea Shipbuilding & Offshore Engineering, HD Hyundai’s shipbuilding holding company announced that it signed an MOU on Academic and Scientific Cooperation between the University of Michigan(UM) and Seoul National University(SNU) to nurture maritime talents and had a ceremonial event on Monday, 22nd (EST). The ceremony was held at Macomb Community College located in Michigan, USA, and was attended by Tech Advisor of HD Hyundai, Shin Jong Gye, Professor of ...

GTT announces that it has received, in the second quarter of 2024, an order from its partner the Korean shipyard HD Hyundai Heavy Industries for the tank design of two new Liquefied Natural Gas Carriers, on behalf of a European ship-owner. GTT will design the tanks of these two vessels, which will each offer a capacity of 174,000 m3. The tanks will be fitted with the Mark III Flex membrane containment system developed by GTT. Delivery is scheduled between the first and second quarters of 2028. Source: GTT

China has delivered the world’s first 14,000 cubic meters liquefied natural gas (LNG) bunkering and transport vessel capable of river-sea navigation in Shanghai, breaking international technology barriers with a record of more than 85 percent in the localization rate. The vessel, Huaihe Nengyuan Qihang, built by Hudong-Zhonghua Shipbuilding (Group) Co, a subsidiary of the China State Shipbuilding Corp, was delivered and named in Shanghai two months ahead of schedule, the company told the Global Times on Sunday. The completion of the vessel is of great significance for implementing the carbon ...

The shipbuilding industry is on the brink of an unprecedented boom, driven by increased orders for liquefied natural gas (LNG) ships and the need to replace aging vessels. However, this surge in demand is being overshadowed by escalating labor-management conflicts, with unions pushing for wage increases and better working conditions. The Clarkson Newbuilding Price Index, which tracks ship prices, reached 187.2 in June, nearing the all-time high of 191.6, indicating a robust market. As of the first quarter of this year, the order backlogs for HD Hyundai Group’s shipbuilding affiliates ...

HD Hyundai announced the establishment of its naval technology research institute, aiming to tap into the future naval vessel market. The opening ceremony, held on the same day, was attended by about 50 participants, including HD Hyundai Vice Chairman Chung Ki-sun and HD Korea Shipbuilding & Offshore Engineering CEO Kim Sung-jun. The new research lab is a reorganized entity from the naval technology center of HD Hyundai Heavy Industries’ special ships business unit and will operate under the future technology research institute of HD Korea Shipbuilding & Offshore Engineering. The ...

Guangzhou Diesel Engine Factory Co., Ltd. (GDF), the Chinese UE licensee of Japan Engine Corporation (J-ENG), has announced that its cumulative UE Engine production has exceeded 100 units, and a grand commemorative ceremony was held at its Jingjiang Factory on July 12th, 2024. Approximately 200 guests from Shipowners, Shipyards, Ship Design Institutes, and Classification Societies were invited to this ceremony, and J-ENG attended as the UE licensor. GDF is the No. 1 medium-speed engine manufacturer in China and obtained the license for UE Engines in 2021. Taking advantage of the ...

Damen Shipyards Group has introduced a new engine combined with a Damen marine emission reduction system. The Damen D16 has recently been awarded EU stage V certification. The Damen D16 is a marine engine and aftertreatment system designed and developed inhouse by Damen Sustainable Solutions. It aims to reduce emissions and increase power efficiency supporting Damen’s goal of becoming the most sustainable maritime solutions provider in the world. A marine sustainable solution The Damen D16 is an extension of the current portfolio the company brings to the market. The pure ...

GTT announces that it has received, in the second quarter of 2024, an order from its partner Dalian Shipbuilding Industry Co. Ltd. for the tank design of two new Liquefied Natural Gas Carriers, on behalf of Ocean Jade Investment Ltd. GTT will design the tanks of these two vessels, which will each offer a capacity of 175,000 m3. The tanks will be fitted with the Mark III Flex membrane containment system developed by GTT. The delivery of the vessels is scheduled between the first and the second quarters of 2028. ...